Nifty (CMP: 11557)
Last week saw another bull charge & Nifty managed to close at another life high! In spite of a possible threat of interest rate hike in US, Nifty is continuously trading above major moving averages like 50, 100 & 200 day denominations, prices are however overbought & some correction might set in early next week. The outlook remains positive as long as it keeps above 11340 regions as the previous resistance is expected to serve as support.
Bandhan Bank (CMP: 674)
Riding on the strong fundamentals, Bandhan Bank is surging ahead. Last Friday saw some sell off in this scrip but it recovered smartly towards the closing hours. The nature of the long term trend is steady & very reliable. Short term support exists at 660 & 630 regions and any pullback might be a good opportunity to go long in this Banking stock.
Ashok Leyland (CMP: 129.2)
Although there is an ongoing consolidation phase in this stock, yet this auto major is showing promise in terms of resumption of the longer term uptrend. One may therefore initiate a long position in Ashok Leyland on pull back to 128 with stop loss at 125 & target 134.
Dabur (CMP: 475)
We note this stock for its primary downtrend & extremely strong momentum since last week of July 2018.However, given the overbought nature at present, slight pull backs cannot be ruled out, that that does not threaten the uptrend. One may therefore buy it at 470 regions with stop loss at 450 & target 510.
JSW Steel (CMP: 354.80)
Large-cap Metal sector is seeing a strong demand & JSW Steel is the most outperforming scrip in this sector, which also closed at a new life high Friday. We recommend buying at CMP with stoploss at 347 & target 370.
